..Moving a step further, in October, the RBI barred banks from financing the purchase of gold in any form other than working capital finance. RBI is only “trying to cure the symptoms rather than the problem,” said Rajeev Malik, senior economist, CLSA Singapore. “There are several drivers of India’s demand for gold, including a convenient store for unaccounted wealth, use as an inflation hedge and rising demand for investment in gold,” Malik said. “The push towards unlocking of this vast reservoir of gold savings is a welcome step and could be marginally effective.”.........
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